Xometry, an on-demand manufacturing company with capabilities in CNC machining and additive manufacturing, has managed to secure $15 million in funding from a group of venture companies. This capital was raised by Highland Capital Partners, GE Ventures, and BMW i Ventures and bringing the total fundraising figure of Xometry to $38 million. The company generates about $20 million in annual revenue.
Xometry, which is based in Maryland, will use the extra finances to accelerate its machine-learning software platform, sales organization, and manufacturing partner network.
Randy Altschuler, CEO and Co-Founder of Xometry, said, “We’re thrilled to partner with BMW i Ventures and deepen our relationship with General Electric. We’re accelerating our efforts to provide additional features to our online platform, making it easier for engineers and procurement managers to conveniently order a wide range of parts delivered by our expanding network of hundreds of manufacturers across the nation.”
History of Xometry
The company came about in 2014 and has expanded steadily ever since. In 2017 the company tripled bookings from the last year. It now has over 5,000 customers in industries as varied as medical and aerospace. The manufacturing capacity, as a result, has increased five times since the tail end of 2016.
What Xometry Does
The platform for Xometry allows users to upload a design, which will then give them information about where to find parts and how much they will cost. Users can also change quantity, materials, and other options in real-time to see how prices might differ. This is possible by Xometry’s network with small and medium manufacturing partners. In addition, services like CNC machining and 3D printing are done by the startup.
“You have instant transparency into what is this part going to cost me, and how will changes in material and the shape of the part affect that cost,” said Zach Barasz, a partner at BMW i Ventures
“We’re accelerating our efforts to provide additional features to our online platform, making it easier for engineers and procurement managers to conveniently order a wide range of parts delivered by our expanding network of hundreds of manufacturers across the nation,” CEO Randy Altschuler said in a statement.
The Future of the Company
Bill Cronin, senior vice president of sales and marketing for Xometry explained, “We’re particularly pleased to see two of our key customers leading this round of $15M, especially brands like BMW and GE who are known for their high-quality products.”
“We’ll be focused on further enhancing our market-leading software platform, making it even easier for engineers and designers to build the exact parts they need.”
With a customer base that includes major companies like GE and BMW, it seems that Xometry has nowhere to go but forward. It seems all parties involved are satisfied with this modern option for manufacturing custom parts. Only time will tell if the numbers keep going up with Xometry as they court new companies who may use this sort of technology.